Australian consumer confidence has almost remained unchanged in the wake of a new Labor government as the country is wrestling with interest rate hikes, ballooning inflation and rising living cost pressures.
The latest weekly ANZ-Roy Morgan consumer confidence survey showed how Australian consumers reacted to the federal election results, where Labor has gained 77 seats to form a majority government.
The consumer confidence index, an indicator of future household spending, dropped slightly by 0.1 percent to 90.7 compared to the long-term average of 112.4.
A score below 100 indicated that there were more pessimistic respondents in the survey.
ANZ head of Australian economics David Plank said consumers’ lack of response was not out of the ordinary….